Thank you, terran. They are actually variable annuities, so I read about those. Learned there is a 10% early withdrawal penalty. Anyone know how to assess whether SO's particular annuities are good investments?
That question is impossible to answer in the abstract. As to annuities (whether fixed or variable) generally, they provide a future income stream, nothing more, nothing less. They are neither inherently good nor bad. For some retirees, an annuity (alone or as part of a suite of non-annuity investments) may make perfect sense; for others, not so.
It is also impossible to answer your question without full visibility on SO's other retirement savings (if any) and other life status details.
Social Security is effectively an annuity, too. You receive fixed payments for the rest of your life, give or take a few details.
In an annuity, you are basically foregoing potential market gains, control of monies invested, and the ability to leave a pot of money for your children in return for a guaranteed stream of income payments until you die (or a shorter time as might be provided in the annuity contract). Some people want that; some people don't.